Sec. 105. Improvements to existing clean energy investment programs
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There is established in the Treasury of the United States a revolving fund, to be known as the Clean Energy Investment Fund, consisting of— such amounts as are deposited in the Fund under this subtitle and amendments made by this subtitle; and such sums as may be appropriated to the Fund. Amounts in the Fund shall be available to the Secretary for obligation without fiscal year limitation, to remain available until expended. Fees collected by the Secretary of the Treasury for expenses related to the administrative needs of the Fund shall be available without limitation to cover applicable expenses.
To the extent that administrative expenses are not reimbursed through fees, an amount not to exceed 1.5 percent of the amounts in the Fund as of the beginning of each fiscal year shall be available to pay the administrative expenses for the fiscal year necessary to carry out title XVII of the Energy Policy Act of 2005 ( 42 U.S.C. 16511 et seq.). The amounts required to be transferred to the Fund under this subsection shall be transferred at least monthly from the general fund of the Treasury to the Fund on the basis of estimates made by the Secretary of the Treasury.
Cash flows associated with costs of the Fund described in section 502(5)(B) of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661a(5)(B) ) shall be transferred to appropriate credit accounts. Proper adjustment shall be made in amounts subsequently transferred to the extent prior estimates were in excess of or less than the amounts required to be transferred. Section 1701(1) of the Energy Policy Act of 2005 ( 42 U.S.C. 16511(1) ) is amended by striking subparagraph
(B)and inserting the following: The term commercial technology does not include a technology if the sole use of the technology is in connection with— any demonstration project; or a project for which the Secretary approved a guarantee. . Section 1702 of the Energy Policy Act of 2005 ( 42 U.S.C. 16512 ) is amended by striking subsection
(b)and inserting the following: No guarantee shall be made unless sufficient amounts to account for the cost are available— in unobligated balances within the Clean Energy Investment Fund established under section 105(a) of the Clean Energy Innovation and Deployment Act of 2020 ; as a payment from the borrower and the payment is deposited in the Clean Energy Investment Fund; or in any combination of balances and payments described in subparagraphs
(A)and (B), respectively. The source of payments received from a borrower under paragraph (1)(B) shall not be a loan or other debt obligation that is made or guaranteed by the Federal Government. Section 504(b) of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661c(b) ) shall not apply to a guarantee under this section. . Section 1702(g)(2) of the Energy Policy Act of 2005 ( 42 U.S.C. 16512(g)(2) ) is amended by striking subparagraphs
(B)and
(C)and inserting the following: Except as provided in subparagraph (C), the rights of the Secretary, with respect to any property acquired pursuant to a guarantee or related agreements, shall be superior to the rights of any other person with respect to the property. A guarantee agreement shall include such detailed terms and conditions as the Secretary determines appropriate to— protect the interests of the United States in the case of default; have available all the patents and technology necessary for any person selected, including the Secretary, to complete and operate the project; provide for sharing the proceeds received from the sale of project assets with other creditors or control the disposition of project assets if necessary to protect the interests of the United States in the case of default; and provide such lien priority in project assets as necessary to protect the interests of the United States in the case of a default. . Section 1702(h) of the Energy Policy Act of 2005 ( 42 U.S.C. 16512(h) ) is amended by striking paragraph
(2)and inserting the following: Fees collected under this subsection shall— be deposited by the Secretary in the Clean Energy Investment Fund established under section 105(a) of Clean Energy Innovation and Deployment Act of 2020 ; and remain available to the Secretary for expenditure, without further appropriation or fiscal year limitation, for administrative expenses incurred in carrying out this title. The Secretary may adjust the amount or manner of collection of fees under this subsection as the Secretary determines is necessary to deploy, to the maximum extent practicable, eligible projects under this title. Of the amount of a fee imposed on an applicant at the conditional commitment stage, 75 percent of the amount shall be refundable to the applicant if there is no financial close on the application, unless the Secretary determines that the administrative costs of the Department have exceeded the amount retained. If, in the opinion of the Secretary, the credit rating of an applicant is not relevant to the determination of whether or not support will be provided and the applicant agrees to accept the credit rating assigned to the applicant by the Secretary, the Secretary may waive any requirement to provide a third-party credit report. . Section 1702 of the Energy Policy Act of 2005 ( 42 U.S.C. 16512 ) is amended by adding at the end the following: To the maximum extent practicable and consistent with sound business practices, the Secretary shall seek to conduct necessary reviews concurrently of an application for a guarantee under this title such that decisions as to whether to enter into a commitment on the application can be issued not later than 180 days after the date of submission of a completed application. .
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Sec. 105
Improvements to existing clean energy investment programs
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